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Similarly, in Southeast Asia, mobile money platforms like GCash in the Philippines are transforming the financial landscape. These platforms provide a lifeline for people in remote and underserved areas. Governments need to create supportive regulatory frameworks that balance innovation with consumerprotection.
April is FinancialLiteracy Month, when the nation is focused on spreading financialliteracy education to help consumers understand how to better manage money. Panelists agreed that consumerprotections, continued education, and efforts to upgrade legacy systems were of paramount importance.
In Asia Pacific, the lack of a skilled workforce and poor digital and financialliteracy were also factors, however this trend can also be observed globally. The commitment to financial inclusion remains a cornerstone of the fintech value proposition.
Yabx has been on this journey to build this credit infrastructure ground up and enable financial access for the underserved. Our platform leverages alternate data sources, enhanced digital journeys, and real-time decisioning to drive responsible growth in the financial sector. million consumers and MSMEs through the platform.
This includes promoting literacy, eliminating poverty and promoting vibrant financial institutional operations in Papua New Guinea. In 2014, the government set up the National Financial Inclusion and FinancialLiteracy Strategy. CEFI is also funded by the Bank of Papua New Guinea (the country’s central bank).
Fintechs operate in a fast-moving environment, but social impact often intersects with time-consuming areas such as consumerprotection and data privacy. Another significant challenge is implementing sustainable practices and commitment to financial inclusion. “Regulation has always posed challenges.
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